If Congress ends up with effective financial regulation, Sen. Maria Cantwell will deserve a lot of the credit.---
In the showdown over the regulation of potentially toxic securities like credit-default swaps, the savviest and toughest battler for effective legislation turns out to be not Barney Frank or Chris Dodd, who chair the key House and Senate financial committees. Surprisingly, the best informed and most relentless crusader is a back-bench senator from Washington state, Maria Cantwell. If you want to see how one determined junior legislator can make a difference, Cantwell is your woman.
"They seem to think that if Wall Street gets healthy again making all this money, some of it will wash through to the rest of the economy," Cantwell says. "Treasury has gone back on their original commitment to us. Gensler called Geithner on it. He's decided that he's going to be David to their Goliath. The battle lines have been drawn."
Monday, November 23, 2009
"Don't Mess With Maria--Wall Street Meets Its Match"
Robert Kuttner (American Prospect):